Genesis Energy, L.P. (GEL) To Go Ex-Dividend on October 30th

Genesis Energy, L.P. (NYSE:GEL) announced a quarterly dividend on Wednesday, October 7th. Shareholders of record on Friday, October 30th will be given a dividend of $0.20 per share by the pipeline company on Friday, November 13th. This represents a $0.80 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend is Friday, October 30th.

Genesis Energy has decreased its dividend payment by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Genesis Energy has a dividend payout ratio of 53.0% indicating that its dividend is sufficiently covered by earnings.

Genesis Energy Trading Up 0.1%

Shares of GEL opened at $14.38 on Wednesday. Genesis Energy has a 1 year low of $13.55 and a 1 year high of $18.64. The stock has a 50-day simple moving average of $14.99 and a 200-day simple moving average of $16.00.

Genesis Energy (NYSE:GEL) last released its earnings results on Thursday, August 6th. The pipeline company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.24. The firm had revenue of $532.00 million for the quarter, compared to analysts’ expectations of $532.00 million. During the same quarter in the previous year, the company posted ($0.12) earnings per share.

Wall Street Analyst Weigh In

A number of brokerages have commented on GEL. Royal Bank Of Canada dropped their price objective on shares of Genesis Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 13th. Weiss Ratings upgraded Genesis Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.50.

Genesis Energy Company Profile

Genesis Energy, L.P. is a Houston-based publicly traded master limited partnership that provides midstream energy infrastructure and related industrial services. The company owns and operates assets used to gather, transport, process and store crude oil and other energy products, primarily in the United States.

Genesis Energy’s offshore pipeline transportation business serves producers in the Gulf of Mexico, moving crude oil and natural gas through an extensive network of pipelines and related infrastructure.